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Fed Signals “Live Possibility” of Rate Hike in December
Federal Reserve Chair Janet Yellen tells a Congressional committee that, pending sufficiently good news about the American economy, there’s a “live possibility” the central bank will raise interest rates in December for the first time in seven years.
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Federal Reserve Chair Janet Yellen tells a Congressional committee that, pending sufficiently good news about the American economy, there’s a “live possibility” the central bank will raise interest rates in December for the first time in seven years.
The Fed’s key inter-bank lending rate has been at 0%-0.25% since the end of 2008. Yellen reiterates that the bank will begin to slowly raise the rate when it feels confident the American economy’s job market will continue to improve and inflation shows signs of returning to the Fed’s 2% target “over the medium term.”
If economic data supports that expectation, she says, then a December rate adjustment would be appropriate. The Fed’s policy committee will meet for the last time this year in mid-December.
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